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Category: Terms and Concepts

Normal good, inferior good, Giffen good

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Usually, goods are categorized into three different groups, which are: normal goods, inferior goods and Giffen goods.

Measuring inequality: The 20:20 ratio

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The 20:20 ratio compares the average income of the top 20% richest of a given society to the poorest 20% of that society.

Inequality

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Inequality refers to the unfair situation in a society when some people have more opportunities, money, etc. than other people.

Indifference curve

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Indifference curve is a set of combinations of two goods that gave the buyer or the customer equal satisfaction or utility.

The Cobra Effect: Unintended consequences

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Countless examples of this theory can be observed in everyday life. A lot of policies that were brought into action to address a problem only worsened it. The Cobra Effect simply implies that public policy is not as easy as it sounds, and good intentions does not always lead to suitable results.

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  • Amos Tversky
  • Daniel Kahneman
  • cognitive bias
  • Milton Friedman
  • Wealth of Nations
  • Nobel Prize Laureate
  • Adam Smith
  • 20:20 ratio
  • law of small numbers
  • the halo effect
  • wealth inequality
  • income inequality
  • Law of Large Numbers
  • Dow Jones Industrial Average
  • status quo bias
  • Behavioral Economics
  • daniel kahnemann
  • hyperinflation
  • the gambler's fallacy
  • gambler's fallacy
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